“When you have balance in your life, work becomes an entirely different experience. There is a passion that moves you to a whole new level of fulfillment and gratitude, and that's when you can do your best for yourself and for others."
- Cara Delevingne
Yay for FriYAY! That's another week down, folks. Good job to you all, I'm sure that you've all worked your butts off. 🍑 Now it's time to take a chill pill and take it easy over the weekend. While it's important to work hard, it's equally as important to recover and reposition oneself. 🤗
Today in history (2016) CEO of the American dairy processor specializing in strained yogurt Chobani, Hamdi Ulukaya, announced that he will be giving his employees 10% of the shares in Chobani. 👍
In today's newsletter, we will be coveringcrypto exchange Bitfinex alleged to have used Tether's funds to cover a $850 million loss, Samsung SDS releasing Nexledger Universal and the Indian government considering a blanket ban bill on cryptocurrencies. Today, we will also be covering Ontology (ONT) in our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! So don't forget to check that out below too!
Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚
Over the last 24 hours, total market capitalization retraced further to ~$170.1 billion, with most coins seeing losses in the ~3-10% range. 24-hour volume registered ~$56 billion, the same as yesterday.
BTC is currently trading at ~$5,270, down ~3.2% over yesterday. On the daily chart, RSI level is currently at ~60, and BTC is testing the 21-day EMA support line. Shorts are at the highest they've been since 5 Jan 2019, and longs are at the lowest they've been since 21 Oct 2018.
A nasty unravelling 🤮
The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and used funds from affiliated stablecoin provider Tether to overtly cover the shortfall. 💸
According to Attorney General Letitia, their investigation has determined that the operators of Bitfinex "engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds". 😡
According to filings, the loss was never revealed to investors, and Bitfinex executives and Tether engaged in a series of conflicting corporate transactions where Bitfinex got access to up to $900 million of Tether’s cash reserves. Bitfinex then proceeded to take no less than $700 million from Tether’s reserves and used the funds to hide losses and its inability to handle client withdrawals. 😵
The court has reportedly ordered Bitfinex and Tether to cease the dissipation of the United States dollars that back Tether tokens, and provide investigation-related information and documents. The Attorney General is seeking an injunction to compel Bitfinex and Tether to continue trading, so as not to harm customers.
Push out 👐
The IT subsidiary of technology conglomerate Samsung, Samsung SDS, has released a new version of its enterprise blockchain platform, dubbed "Nexledger Universal". It is currently available on Microsoft’s Azure marketplace. 😊
Nexledger Universal comes equipped with an application programing interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric and the firm’s own Nexledger Consensus Algorithm, through which users can develop applications for authentication, payment settlement, and proof of originality. 😲
According to Samsung SDS's senior vice president, Jeanie Hong, they "to expand our [their] cloud-based blockchain platform by registering Nexledger Universal on other cloud marketplaces.”
Blanket ruling 🏴
According to The Economic Times, a draft bill that would outright ban cryptocurrencies is being circulated among various departments of the Indian government. 😔
According to an official familiar with the matter, the government has already begun inter-ministerial consultations on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" draft bill. A committee comprising of the likes of the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA), is also for the idea.
That same committee is also considering an option to ban digital currency under the Prevention of Money Laundering Act (PMLA).
Blockchain term of the day 🤓 - Utility tokens
Crypto deep dive: Ontology
Market Capitalization Rank: 20th (~$500 million)
Consensus Algorithm: Verifiable Byzantine Fault Tolerance (VBFT) - A combination of Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT) and Verifiable Random Function (VRF).
What it's about ⚙️
Ontology is a provider of high-performance public blockchains, which includes distributed ledger and smart contract systems.
The Ontology blockchain framework supports public blockchain systems that can be customized for different applications. Ontology supports collaboration among chain networks with its various protocol groups.
Ontology was created in 2017 by the Chinese company, Onchain, which is led by NEO founders Da Hongfei and Erik Zhang.
Why people love it 😘
The Ontology architecture allows for an easy onboarding process of business of all sizes, even those with no prior knowledge of blockchain technology.
Ontology is backed by a strong leadership and technical team. It's core team has about 67 people, making it one of the largest teams out there. It is also backed by Onchain, which has had much prior success in the blockchain space with NEO.
Ontology has a strategic partnership with NEO, which enables both to share resources.
Why people doubt it 🤔
Ontology is operating in one of the stricter countries with regard to blockchain, China. The lack of regulatory framework might hinder progress and expansion.
There are many other blockchain projects also striving to create private/sidechain/consortium chains for private businesses. Whether companies actually adopt Ontology is the key question.
Some are unsure whether the focus of NEO founders Da Hongfei and Erik Zhang lie in NEO or ONT.
Other news 📰
U.K.-licensed payments platform, Wirex, is launching 26 fiat-backed stablecoins on the Stellar blockchain network. 💲
Malta's financial regulator, Malta Financial Services Authority’s (MFSA), has issued a guidance note to the public pertaining to the risks of crypto assets. 📜
Genesis Global Trading lent out $425 million worth of crypto in Q1 2019. 🤯
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
21 May - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
Why do you say so? What are your plans for the weekend? Share with us in the polls! 😆
What you said
"How much do you agree with this statement: "I am keen on trying out the Brave Ad platform.""
The average vote was a 8.2. Wow, did not expect this. Because of y'all, I'm gonna be checking it out this weekend! 😂
"Why or why not? To those who are currently using it, share with us your experience!"
I think it's a great concept. I've already been using Brave and tipping my favorite sites in BATs for a few months now. Now it'll be interesting to actually get paid (in BATs) for looking at / watching ads. - That's awesome. I'll be sure to jump on this bandwagon over the weekend. 😬
Definitely. I love the Brave web browser. Unfortunately ads are not yet available in my region. - Oh mann, hope that it'll be made available to you soon! 🤞
...who wouldn't want to be rewarded with BAT ? Definitely not me...hehe - Why not? You're essentially leaving money on the table otherwise. Unless you've got a better substitute 🤔, which if you do... do tell!
i am more comfortable using chrome, firefox & safari. i did try brave browser but didn't like it. i don't really know what brave ad platform is, but if its part of browser, am not interested at present. - Makes sense. If the pain derived from using the interface is greater than the satisfaction you get from receiving those BAT token rewards, then there's no reason for a switch! 😊
The browser is fast! And I love how the advertising $ is redistributed. - Guess I can safely say that you're a fan! 😄
it's not available here yet. I am interested in trying it out as a viewer - There are many videos on youtube if you wanna get a sense of how it is! 👀
I don't want to be paid for watching adverts! - Why not!
Brave is among the few applications that takes seriously the ideas that web users’ activities produce value for companies and that users are a stakeholders in the internet economy. - Kudos to them! I think they have a great team behind them too. 💪
Might as well get rewards for crap you have to put up with anyway. - Lmao true!
I find it the best browser out there, much faster without the unwanted ads. - Wow that is quite a remark! 😲
Loving the incentives and freebies. - Yeah right! It's such a brilliant way to reward users, content creators and advertisers. Errbody wins! 🤑
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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